James Davis and Sam Mitchell discuss market trends in the property market
Upad have teamed up with Rightmove in a series of videos sharing best practice and top tips for making the most out of your online ad. In our next video, James speaks to Sam Mitchell, Head of Lettings at Rightmove, to discuss rental property market trends in 2016/ 2017.
Please note that the following observations of the 2016/ 2017 rental market are not specific to local markets, which can vary drastically, this is a general overview.
Rightmove have seen a high volume of new properties coming onto the rental market this year. Q1 and Q2 were the busiest in terms of new properties becoming available, with many trying to get to market before the stamp duty tax increase deadline. This trend continued throughout the year leading to their being more properties on the market this year compared to last year.
Investors are continuing to buy but are investing in different areas, particularly avoiding the Central London market. Tenant demand has been rising steadily the last few years but that began to level off in the last year. This has led to supply exceeding tenant demand, which has affected rental prices.
Because of the negative affect on rent prices, Sam advises that landlords need to see who they’re competing with. James suggests a Rightmove Property Alert is the easiest way to assess what is coming onto the market in your area. More stock means landlords need to find ways to stand out over and above competitors to attract tenant interest. How your property is marketed is going to be key moving forward. Make sure to launch your property advert properly, with a well-presented property, professional photos, a well written description and floor plans. Sam also points out that landlords should be aware of what is happening after week 2 of advertising, if your property hasn’t been let yet then think about taking new photos or adjusting the price.